Fulton Financial in Lancaster, Pa., reported lower quarterly earnings that reflected restructuring costs and a special assessment from the Federal Deposit Insurance Corp.
The $27.7 billion-asset company said in a press release that its fourth-quarter earnings fell by 1% from a year earlier, to $274 million.
The quarter included $3.2 million of restructuring expenses, mostly tied to consulting fees, for its “FultonFirst” initiative.
Fulton also paid a $6.5 million special assessment from the FDIC designed to replenish the Deposit Insurance Fund in the aftermath of high-profile bank failures last spring.
The company also said it incurred $1.6 million in marketing expenses due to a “targeted customer deposit acquisition program and brand marketing campaigns in growth markets.” It also gained $700,000 from debt extinguishment.